The US economy contracted at the start of the year for the first time since 2022 on a monumental pre-tariffs import surge and softer consumer spending, a first snapshot of the ripple effects from President Donald Trump’s trade policy.

Inflation-adjusted gross domestic product decreased an annualized 0.3% in the first quarter, well below average growth of about 3% in the prior two years, according to the government’s initial estimate published Wednesday. Net exports subtracted nearly 5 percentage points from GDP, the most on record, the Bureau of Economic Analysis report showed.